The retailer beat analysts' expectations for comparable sales in the second quarter.

While a strong jobs market and trillion-dollar tax cuts have consumers feeling better off and opening their wallets once again, it hasn’t quelled their love of bargain hunting.

Off-price retailer T.J. Maxx’s parent company TJX Cos. Inc. said Tuesday that its stores saw more customers walk through their doors during the second quarter in the form of their traditional consumer base, as well as a spike in Millennial shoppers.

“As much as our core customers are perhaps shopping a little more frequently, we are gaining a younger customer,” Ernie Herrman, chief executive officer and president of TJX Cos. Inc. told analysts in a call to accompany the release of the retailer’s second-quarter earnings.

This increased level of footfall translated into more spending at the checkout, with the Framingham, Mass.-based business reporting that same-store sales — a measure of sales in shops open for at least a year — were up 6 percent, beating analysts’ expectations for a 2.2 percent increase, according to a Thomson Reuters poll. This was its best performance in over two years.

Within that, Marmaxx, its largest division which includes the T.J. Maxx and Marshalls chains, delivered a strong 7 percent comparable store sales increase.

“Our teams delivered sharp execution of our off-price fundamentals across the company, and customers responded to our great brands, fashions and eclectic selections at excellent values,” Herrman added in a statement.

He declined to reveal exactly what Millennials had been buying, only saying that much of their spending was in key categories and departments and that some of the company’s growth areas “certainly lend themselves to continue to appeal to younger customers.”

Overall second-quarter net sales came in at $9.3 billion, up 12 percent from a year earlier, while net income was $740 million and diluted earnings per share were $1.17 a share, compared with 85 cents a share last year.

As a result, TJX Cos. raised its guidance for full-year EPS to be in the range of $4.83 to $4.88, representing a 20 to 21 percent increase over the prior year’s $4.04.

Simeon Siegel, an analyst at Instinet, said: “They are attracting new customers to all divisions with a significant share of whom are younger customers, showing the company’s successful evolution from a utility purchase to a sought-after experience.”

Shares for TJX Cos., which also includes TJX Canada and TJX International, closed up 4.74 percent at $106.46.

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Social Studies

Pro-Surfer Kelia Moniz and Hailey Bieber in pieces from their collaboration with Roxy, called Sister. ⁣
It’s an apt name for a four-season collection inspired by the pair’s friendship, which was evident as they did their rounds with press, sharing laughs as Baldwin passed a cell phone to Moniz to show her a series of text messages the two then giggled about.⁣
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“We’re friends, but we’re a lot more than that and I think the next step of that is basically sisters,” Moniz said. “I don’t have a sister so I feel like a lot of the girls in my life become sisters.”⁣
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Report: @karihamanaka
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BREAKING: Tom Ford has been elected chairman of the Council of Fashion Designers of America.⁣
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WWD broke the news last week that Ford was in line to succeed Diane von Furstenberg, who has held the job for the past 13 years. Under von Furstenberg, along with Steven Kolb, chief executive officer of the CFDA, the organization has ushered in a period of unprecedented growth for American fashion, followed by the current period of volatility triggered by seismic changes within and outside of fashion.⁣
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Von Furstenberg had succeeded Stan Herman in 2006, who served in the role for 16 years.⁣
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Ford is the 11th person to hold the position (which had previously been titled president until it was upgraded to chairman for Furstenberg in 2015). The roster of presidents has included Herman, Sydney Wragge, Norman Norell, Oscar de la Renta, Herbert Kasper, Bill Blass, Mary McFadden, Perry Ellis and Carolyne Roehm.
Report: Lisa Lockwood
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Victoria's Secret swimwear is back. 👙
The brand eliminated its swimwear line in spring 2016 in an effort to focus on its core lingerie business. But shifting consumer tastes and a movement toward brands that promote inclusivity, such as American Eagle Outfitters’ Aerie, as well as start-ups like Adore Me and ThirdLove, have caused Victoria’s Secret to lose market share.
The move back into swimwear is an attempt to win back some of the lost market share in what had been a $525 million business for the retailer. Victoria’s Secret also said it was now selling swim accessories on its website, such as sunglasses.
Report: Kellie Ell
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Kate Hudson is a vision in red Oscar de la Renta. The actress turned athleisure guru won an award last night for Entrepreneur of the Year for her brand Fabletics.
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Twiggy, who was previously known as 'The Face of the 60s', has taken on another title. Yesterday, she was awarded the Dame Commander of the Order of the British Empire, at Buckingham Palace for her services to fashion, the arts and charity. The former model wore a stylish white three-piece suit by Stella McCartney and a statement fascinator as she received the prestigious award from Prince Charles.
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Louis Vuitton, whose fall-winter 2019 men’s wear collection drew inspiration from Michael Jackson’s pop-culture legacy, has reacted swiftly to the mounting controversy in the wake of the “Leaving Neverland” documentary.
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EXCLUSIVE: Tom Ford tapped as new chairman of the CFDA, sources say.
Tom Ford — chairman of the CFDA?
That’s the plan, according to sources, who say that Diane von Furstenberg is ready to step down from the post, with Ford poised to take over. Both the CFDA and Ford declined comment Wednesday.
The move would come after von Furstenberg’s legendary 13-year tenure during which, working with CFDA chief executive officer Steven Kolb, she oversaw a period of unprecedented, heady growth for American fashion and the organization itself, followed by the current period of volatility triggered by seismic cultural changes within and outside of fashion. The CFDA board is due to meet Tuesday to vote on Tom Ford's nomination as chairman of the association. Link in bio.
Report: Bridget Foley, @lisajlockwood .
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